Tds on sale amount of property

TDS 319 views 7 replies

RULE:- TDS ON SALE OF PROPERTY MORE THAN 50 LACS.

Want to know:- I am purchaser so please tell me... is This amount of TDS IS ADJUSTABLE in INCOME TAX,.?

Replies (7)

The buyer has to deduct TDS at 1% of the total sale consideration, if pan of seller is available... otherwise 20%...

This TDS has to be deposited along with Form 26QB within 7 days from the end of the month in which TDS was deducted.

More details refer: tds-on-sale-property

agar mai property purchase kar raha hu to mere dwara TDS jama kiya jayega property sale karne vale ke PAN par....

and then mujhe unse utna rs. on account lena hoga...aur mere dwara jama kiye hue tds ka claim sale karne vale ko milega...?

 

is this true?

Yes........ But generally TDS is deducted from the amount of sale proceeds. No need to take back. The same is also incorporated in sale deed/agreement.

If property value 2 core 50 lacs..aur agar 6 partner apne apne account se paisa dekar lete hai to kya tab bhi ye 1% ka TDS dena hoga....?

Yes, but it is TDS........ and not tax..........

Each individual can file individual ITRs and can claim refund, if eligible......

But 1 partner dwara kewal 42 lacs hi dena ho raha hai...fir v uska 1 % TDS jama dena jaruri hai...? Q ki rule to 50 lacs se upar par hai...

"Q ki rule to 50 lacs se upar par hai..."

Agreed, but that is over total sale consideration and not by shares of individual owners......

Read: 

Provisions of Section 194-IA:

(1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at the time of credit of such sum to the account of the transferor or at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to one per cent of such sum as income-tax thereon.

(2) No deduction under sub-section (1) shall be made where the consideration for the transfer of an immovable property is less than fifty lakh rupees.


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